One of the Primary Objectives of GATT Is the Elimination

question 56

True/False

One of the primary objectives of GATT is the elimination of all quotas and quantitative restraints.

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Definitions:

Marginal Private Cost

The cost incurred by a firm for producing one additional unit of a good, exclusive of any external costs.

Technology Spillovers

Benefits that firms or countries obtain by imitating or learning from the innovations of others, often without incurring the cost of innovation.

Subsidies

Financial assistance grants or tax breaks provided by the government to support businesses, organizations, or individuals, encouraging production or consumption of certain goods and services.

Computer Chips

Small pieces of semiconductor material (usually silicon) with an integrated circuit (IC) used in electronic devices to perform computing tasks and other functions.